How does Cloudflare (NET) make money?

Cloudflare (NET) primarily makes money through Reportable Segment, which accounts for 100% of total revenue. For TTM through Q4 2025, Cloudflare generated $2.17B in total revenue with a net profit margin of -4.7%.

What is Cloudflare (NET) gross profit margin?

Cloudflare (NET) reported a gross profit margin of 74.7% for TTM through Q4 2025, equivalent to $1.62B in gross profit. This means Cloudflare retains 74.7% of each revenue unit after direct costs of production.

What is Cloudflare (NET) operating profit margin?

Cloudflare (NET) reported an operating profit margin of -9.4% for TTM through Q4 2025, equivalent to −$203.41M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Cloudflare (NET) net profit margin?

Cloudflare (NET) reported a net profit margin of -4.7% for TTM through Q4 2025, equivalent to −$102.27M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Cloudflare (NET) invest in R&D?

Cloudflare (NET) invested $512.49M in research and development in TTM through Q4 2025 (23.6% of total revenue). R&D spending reflects investment in future products, services, and technologies.

How much does Cloudflare (NET) spend on capital expenditures?

Cloudflare (NET) spent $342.55M on capital expenditures in TTM through Q4 2025 (15.8% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Cloudflare (NET) free cash flow?

Cloudflare (NET) generated $324.32M in free cash flow for TTM through Q4 2025 (15.0% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

How Cloudflare (NET) Makes Money: A Visual Guide

Cloudflare (NET) generated $2.17B in revenue but reported a net loss of $102.27M. Its largest revenue source is Reportable Segment (100% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

Cloudflare (NET) Income Statement Flow — TTM through Q4 2025

Calculated from the four most recent reported quarters, ending December 31, 2025 (reported February 26, 2026).

Frequently asked questions

How does Cloudflare (NET) make money?: Cloudflare (NET) primarily makes money through Reportable Segment, which accounts for 100% of total revenue. For TTM through Q4 2025, Cloudflare generated $2.17B in total revenue with a net profit margin of -4.7%.
What is Cloudflare (NET) gross profit margin?: Cloudflare (NET) reported a gross profit margin of 74.7% for TTM through Q4 2025, equivalent to $1.62B in gross profit. This means Cloudflare retains 74.7% of each revenue unit after direct costs of production.
What is Cloudflare (NET) operating profit margin?: Cloudflare (NET) reported an operating profit margin of -9.4% for TTM through Q4 2025, equivalent to −$203.41M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Cloudflare (NET) net profit margin?: Cloudflare (NET) reported a net profit margin of -4.7% for TTM through Q4 2025, equivalent to −$102.27M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Cloudflare (NET) invest in R&D?: Cloudflare (NET) invested $512.49M in research and development in TTM through Q4 2025 (23.6% of total revenue). R&D spending reflects investment in future products, services, and technologies.
How much does Cloudflare (NET) spend on capital expenditures?: Cloudflare (NET) spent $342.55M on capital expenditures in TTM through Q4 2025 (15.8% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Cloudflare (NET) free cash flow?: Cloudflare (NET) generated $324.32M in free cash flow for TTM through Q4 2025 (15.0% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?: Based on company filings through TTM through Q4 2025.